## IMF Staff Concludes Mission to Sierra Leone

_IMF News, April 22, 2024_

## Source details

**Canonical URL:** [IMF Staff Concludes Mission to Sierra Leone](https://www.imf.org/en/news/articles/2024/04/22/pr-24124-sierra-leone-imf-staff-concludes-mission)

## Other formats

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## Bibliographic details
- Published: April 22, 2024

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### Mission details
- IMF team led by Mr. Christian Saborowski visited Freetown from April 8 to 12, 2024.
- Purpose: discussions with the Sierra Leonean authorities on their request for financial support under a new arrangement under the Extended Credit Facility (ECF).
- Context: previous arrangement came to an end on November 20, 2023 (Press Release 23/403).
- Discussions continued during the Spring Meetings of the IMF and the World Bank Group in Washington, DC.
- Press Release No. 24/124.

### Key findings and agreements
- The authorities substantially tightened macroeconomic policies in 2023 and into the first quarter of 2024.
- Early outcomes of the adjustment:
  - stable exchange rate
  - declining inflation
- Remaining challenges:
  - the remaining adjustment required to keep debt on a sustainable path is significant
  - financing needs are high
  - foreign reserves have fallen
- The authorities and the staff team reached agreement on most policies to underpin the requested arrangement under the ECF.
- They reached understandings on the authorities’ development objectives and reforms needed to achieve macroeconomic stability and maintain debt sustainability.

### Policy recommendations and next steps
- Continued fiscal and monetary tightening will be critical in the meantime.
- Preservation of reserves will be critical in the meantime.
- Discussions will continue over the coming months.
- The IMF team plans to return to Freetown for a follow-up mission in early September to reach a staff-level agreement on the new arrangement under the ECF.

### Communications and media
- IMF Communications Department — MEDIA RELATIONS
- PRESS OFFICER: Pavis Devahasadin
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson

*IMF Press Release No. 24/124, April 22, 2024*

---


## References

- [Sierra Leone and the IMF](http://www.imf.org/external/country/SLE/index.htm)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [Press Release 23/403](https://www.imf.org/en/News/Articles/2023/11/20/pr23403-sierra-leone-imf-exec-board-completes-8th-final-rev-ecf-arr)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2024/04/22/pr-24124-sierra-leone-imf-staff-concludes-mission_